Azerbaijan adopts a new state standard on corporate governance

17:09 - 30.05.2024

May 30, Fineko/ The Azerbaijan Institute of Standardization (AZSTAND), subordinate to the State Service for Antimonopoly Regulation & Consumer Market Control, has adopted standard AZS ISO 37000:2024 "Corporate Governance. Guidelines" on the basis of international standard ISO 37000:2021 “Governance of organizations. Guidance".

ABC.AZ was informed at the Service that the state standard defines management principles that will ensure effective, attentive and rational performance of tasks in government bodies, including increasing trust, inclusiveness, accountability, reliability, efficiency, transparency and fairness in the management process.

The introduction of the new state standard will improve the efficiency of financial and economic activities, effectively manage risks, and create a reliable internal control system by bringing corporate governance procedures at enterprises and organizations in line with international requirements.